Recently, while studying the Miden protocol, I gradually understood a key point: not every public chain needs to do the same thing.

This is the core issue. Looking at the mainstream DeFi ecosystems on the market, their design philosophy is actually quite clear — they must embrace high liquidity, a fully transparent account model, extreme transaction speed, and instant feedback. This architecture is indeed very suitable for scenarios like derivatives trading and AMM swaps because users prioritize liquidity and certainty.

But turning to other types of chains, they made different choices early in their design. Some compromised on privacy, some adjusted their structure for modularity, and others optimized for specific application scenarios. These chains don’t necessarily have to compete in the same track as DeFi chains.

From a different perspective, this may not be a flaw — rather, it’s a reasonable division of ecological labor. Recognizing this is quite interesting for understanding the future direction of blockchain architecture.